Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over 3 percentage points from Q2 2025 [4][15][17] - Q3 net revenue was $163 million, growing 28% year-over-year, with gross profit of $115 million, a 27% increase year-over-year [5][18] - Adjusted EBITDA for Q3 was $30 million, achieving a margin of 19%, marking another all-time high for adjusted EBITDA dollars [6][22] Business Line Data and Key Metrics Changes - Lending use cases, including Buy Now, Pay Later (BNPL), saw TPV growth accelerate by 10 percentage points compared to Q2, with year-over-year growth rates approximately double that of the overall company [17][20] - Non-Block TPV is now growing 2.5 times faster than Block TPV, with Europe TPV continuing to grow over 100% year-over-year [16][18] - Expense management growth continues to outpace overall company growth, driven by customer acquisition of new end users [16][20] Market Data and Key Metrics Changes - The international business, particularly in Europe, is experiencing strong growth, with non-U.S. business representing a high teens percentage of TPV, up 5 percentage points from Q3 of the previous year [62] - Europe continues to deliver over 100% TPV growth, although this rate may not be sustainable as the base increases [62][66] - The on-demand delivery segment is growing significantly, with acceleration into double digits in Q3, primarily due to merchant category and geographic expansion [16][20] Company Strategy and Development Direction - The company aims to deepen customer relationships by enabling innovative programs and expanding geographic reach, while increasing bank supply [7][10] - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][66] - The company is focused on diversifying its business beyond debit and expanding internationally to drive future growth [14][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's trajectory, noting that TPV growth has accelerated for two consecutive quarters, indicating strong demand across various use cases [54][56] - The company anticipates challenges in Q4 due to the impact of contract renewals and potential changes in customer behavior, particularly with Cash App diversifying its new issuance [56][58] - Management expects to finish the year strong, raising expectations for Q4 and the full year based on Q3 results [25][28] Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [24] - The company ended Q3 with over $830 million in cash and short-term investments, driven by strong operating cash flows [23] Q&A Session Summary Question: What does the pipeline for new business look like? - Management indicated that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [33][34] Question: How significant is the TransactPay acquisition for European market expansion? - The acquisition simplifies the process for customers to expand into Europe and allows the company to compete in the premium market for enterprise customers [35][36] Question: What is the sustainability of the 100%+ growth in Europe? - While the growth rate may not be sustainable at over 100%, the company expects TPV growth in Europe to continue at a materially faster rate than the overall company [62][66] Question: Are there any anomalies in the current growth trajectory? - Management noted that while the trajectory is strong, there are factors such as contract renewals and unusual items that may impact future growth [56][58]

Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over three points from Q2 2025 [4][15]. - Net revenue for Q3 was $163 million, growing 28% year-over-year, while gross profit was $115 million, a 27% increase year-over-year [5][18]. - Adjusted EBITDA was $30 million, achieving a margin of 19%, marking another all-time high for adjusted EBITDA dollars [6][22]. Business Line Data and Key Metrics Changes - Lending use cases, including buy now, pay later (BNPL), saw TPV growth accelerate by 10 points versus Q2, with year-over-year growth rates about double that of the overall company [17]. - Expense management growth continued to outpace overall company growth, driven by customer acquisition of new end users [16]. - On-demand delivery growth accelerated into double digits, primarily fueled by merchant category expansion and geographic growth [16]. Market Data and Key Metrics Changes - Europe continued to deliver strong results, with TPV growth remaining over 100% year-over-year, although this rate may not be sustainable as the base grows [11][63]. - Non-Block TPV is now growing two and a half times faster than Block TPV, with significant contributions from Europe [16]. - The international business, particularly in Europe, now represents a high teens percentage of total TPV, up five percentage points from the previous year [63]. Company Strategy and Development Direction - The company aims to deepen customer relationships by enabling innovative programs and expanding geographically, while increasing bank supply [7][10]. - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][66]. - The company is focused on diversifying its business beyond debit and expanding its presence outside the U.S. to drive future growth [14][66]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's trajectory, noting that TPV growth has accelerated for two consecutive quarters, indicating strong underlying business performance [54]. - The company anticipates challenges in Q4 due to the timing of contract renewals and potential diversification of new issuance by Cash App [56][57]. - Management expects to finish the year strong, raising expectations for Q4 and the full year based on Q3 results [25][28]. Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [24]. - The GAAP net loss for Q3 was $3.6 million, influenced by interest income and a non-recurring litigation-related expense [23]. - The company ended the quarter with over $830 million in cash and short-term investments, driven by strong operating cash flows [23]. Q&A Session Summary Question: What does the pipeline for new business look like? - Management indicated that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [33]. Question: How significant is the TransactPay acquisition for European market expansion? - The acquisition facilitates easier transitions for customers between North America and Europe, allowing for a more seamless offering and access to larger enterprise customers [36]. Question: What is the sustainability of the 100% growth rate in Europe? - While the 100% growth rate may not be sustainable, TPV growth in Europe is expected to continue at a materially faster rate than the overall company due to the addition of TransactPay [66]. Question: What are the implications of the renewal cadence for large customers? - Management expects two significant renewals to be completed before current contracts expire, with one expected in Q4 and the other in early 2026 [75]. Question: How does the company plan to leverage its partnerships for market expansion? - The company is focusing on multinational customers who can benefit from its modern platform, which allows for easy market transitions [82].

Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over three points from Q2 2025 [4][16][18] - Net revenue for Q3 was $163 million, growing 28% year-over-year, with gross profit at $115 million, a 27% increase year-over-year [5][19] - Adjusted EBITDA was $30 million, achieving a 19% margin, marking another all-time high for adjusted EBITDA dollars [5][24] Business Line Data and Key Metrics Changes - Lending use cases, including buy now, pay later (BNPL), saw significant growth, with TPV growth accelerating 10 points versus Q2, and year-over-year growth about double the overall company rate [18][50] - Commercial programs, particularly those enabling SMBs, also experienced increased demand, highlighted by signing a Fortune 500 customer for electronic supplier payments [9][10] - Non-Block TPV is now growing two and a half times faster than Block TPV, with Europe TPV continuing to grow over 100% year-over-year [17][50] Market Data and Key Metrics Changes - Europe continues to deliver strong results, with TPV growth remaining over 100% year-over-year, driven by neobanking, lending, and BNPL use cases [11][50] - The international business now represents a high teens percentage of total TPV, up five percentage points from Q3 of the previous year [50] Company Strategy and Development Direction - The company aims to expand customer relationships by enabling innovative programs and seamless geographic expansion while increasing bank supply [6][10] - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][36] - The company is focused on diversifying its business beyond debit and expanding internationally to drive future growth [15][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business trajectory, noting that TPV growth has accelerated for two consecutive quarters, with strong performance expected to continue [44][46] - The company raised its expectations for Q4 and the full year based on Q3 results, anticipating net revenue growth of 22%-24% in Q4 [27][29] - Management acknowledged potential headwinds from contract renewals and macroeconomic uncertainties but remains optimistic about growth prospects [47][48] Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [26] - The GAAP net loss for Q3 was $3.6 million, influenced by interest income and a non-recurring litigation-related expense [25] Q&A Session Summary Question: Inquiry about new business and contract ramping - Management noted that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [31][33] Question: Sustainability of growth rates - Management indicated that while growth rates may not be sustainable at current levels, they expect continued strong performance, particularly in lending and on-demand delivery [44][50] Question: Impact of TransactPay on European market expansion - The acquisition facilitates easier transitions for customers between North America and Europe, allowing the company to compete in the premium market [36][52] Question: Details on card-to-card relationships and market expansion - Management highlighted the strong relationship with Klarna and the significant growth observed in existing markets, with expectations for continued expansion into new markets [40][41] Question: Revenue yield comparisons across different markets - Management explained that gross profit take rates are relatively consistent across use cases, with variations primarily due to customer size rather than fundamental pricing differences [63][65]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40465 Marqeta, Inc. 180 Grand Avenue, 6th Floor, Oakland, California 94612 (Address of principal exec ...

Marqeta Earnings Supplement November 5, 2025 Marqeta Earnings Supplement 1 Safe Harbor Statement This earnings supplement contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this presentation include, but are not limited to, statements relating to Marqeta's quarterly and annual guidance; statements regarding Marqeta's business plans, business strategy and the conti ...

MARQETA REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS The global modern card issuer reported Total Processing Volume growth of 33% and Gross Profit growth of 27% in the third quarter of 2025. OAKLAND, Calif. – November 5, 2025 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2025. The Company reported Total Processing Volume (TPV) of $98 billion, representing a year-over-year increase of 33%. The Company reported ...

Industry Overview - Mobile payments are transforming financial transactions, moving from physical cash to digital transactions through smartphones, tablets, and wearables, creating a dynamic financial ecosystem [2][3] - The global mobile payments market is projected to grow from $3.84 trillion in 2024 to $26.53 trillion by 2032, reflecting a 27% CAGR, indicating strong momentum in the sector [6] Technological Advancements - Emerging technologies like blockchain and artificial intelligence are enhancing transparency, fraud detection, and transaction speeds, while "super apps" are integrating messaging and shopping into seamless financial experiences [3][4] - Companies are leveraging advanced technologies such as Near Field Communication (NFC) and QR codes to facilitate mobile payments [2] Key Players - Capital One is enhancing its mobile payments leadership with a digital-first banking ecosystem, integrating its mobile app with digital wallets and offering a comprehensive financial hub [8][9][10] - NCR Voyix is innovating in mobile payments for retail and restaurants, introducing solutions like Aloha Pay-At-Table, which improves transaction speed and customer experience [11][12][13] - Affirm is expanding its mobile payments presence through its Buy Now, Pay Later platform, integrating with digital wallets and planning international expansion [14][15][16] - Marqeta is powering mobile payments with its card-issuing platform and has seen a 29% year-over-year increase in total payments volume, while also bridging crypto and fiat transactions [17][18][19] Market Dynamics - The rise of e-commerce and improved digital infrastructure are driving the adoption of modern payment platforms, which serve as comprehensive financial dashboards [5] - Regulatory initiatives are evolving to enhance security, data privacy, and financial inclusion, keeping pace with the rapid growth of mobile payments [6]

Marqeta Inc. (NASDAQ:MQ) is one of the best NASDAQ stocks under $5 to buy now. On October 23, Citi analyst Bryan Keane initiated coverage of Marqeta with a Neutral rating and a $5 price target. The firm sees low visibility into the company sustaining its H2 2025 revenue growth rates in 2026. Earlier on October 13, Goldman Sachs downgraded Marqeta to Sell from Neutral with a price target of $5, which was down from $7.50. Marqeta (MQ) Gets Neutral Initiation from Citi on Growth, Customer Concentration Conc ...

Core Insights - Goldman Sachs downgraded Marqeta, Inc. from Neutral to Sell and reduced its price target from $7.50 to $5.00 due to changes in its relationship with Block, Inc. and potential loss of processing share for new accounts [1][2] - Concerns include delayed contract renewals, which could lead to a 4% gross profit headwind in 2026, and a potential 2% headwind to gross profit due to the new issuing partner [1][2] - Marqeta is recognized as a leading outsourced card issuance platform, particularly for cloud-based fintechs, but faces challenges from premium pricing and increasing competition [3] Company Overview - Marqeta, Inc. is a financial technology company that offers a modern open API platform for businesses to issue cards and process payments [4]

Summary of Key Points Core Viewpoint - Goldman Sachs analyst Will Nance downgraded PayPal Holdings, Inc. and Marqeta, Inc. due to downside risks to their 2026 forecasts, with increasing investor caution as the fourth quarter approaches [1][2]. PayPal Holdings, Inc. (PYPL) - PYPL shares are under pressure due to tougher year-end comparisons following last year's spending surge, renewed pressure on lower-income consumers, and a rotation from cyclical sectors to large-cap tech [2]. - Nance downgraded PayPal to Sell from Neutral with a price forecast of $70, indicating that management commentary suggests branded checkout growth is unlikely to improve soon [3]. - The analyst forecasts approximately 3% total margin growth in 2026, which is below the ~5% consensus, and anticipates ongoing valuation pressure amid competitive challenges in online commerce [4]. Marqeta, Inc. (MQ) - Marqeta was also downgraded to Sell from Neutral, with concerns over its heavy reliance on Block, which could lead to a 2% reduction in gross profit next year [5]. - The change highlights broader total addressable market (TAM) pressures as fintechs internalize processing and competition from Stripe and slow modernization by banks [6].